The Pound has generally continued to carve out gains on the charts as if it is seeing a general positive progression in the global conditions. Declining concern toward Greece is supportive of the Pound but limiting the Pound is comments from the BOE that they will continue to monitor the threat of deflation. Part of the rise in the Pound has been the result of hope that the EU will get beyond the Greece threat without injuring the global recovery and therefore the Pound will see some reaction to the EU Ministers conference call early this morning. The trend appears to have shifted up in the Pound but we would not chase the market with buy orders.
